12th Nov 2013, 10:43 am by Giles Gwinnett
Copper miner (LON:WTI) has concluded its financing with Orion and set out a timeline to production at the Tschudi project in Namibia.
First copper from the open pit project is earmarked for the second calendar quarter of 2015, the -quoted firm said, adding it had drawn down under the US$80mln tranche B of the financing.
The firm has also executed a deal with NamPower for power supply to the Tschudi plant - at 8 megawatts (MW) for the life of mine.
Rod Webster, Weatherly's chief executive, said: "We look forward to working with our contractors and partners with the objective of producing our first copper cathode in the second quarter of 2015.
"This is an important milestone in relation to us achieving our objective of creating a mining business capable of producing 25,000 tonnes of copper per annum."
The project has an 11 year life, to produce 17,000 tonnes of copper cathode a year, at life of mine cash costs of US$4,267 per tonne copper.
On November 8, the firm marked a watershed moment as it broke ground on the Tschudi project in front of government officials.
Following today's announcement, City broker Northland noted the firm also had a project cost overrun facility of a further US$8 million - tranche C - to mitigate the financial side of the development risk.
Analyst Ryan Long added that Weatherly currently has two operating copper mines and is ing to produce around 25,000 tonnes of copper per annum.